Order dinner on Zomato, get groceries in 10 minutes from Blinkit, book a concert ticket on District three different apps, one company behind all of them. That company used to be called Zomato. Since March 2025 it goes by Eternal, though the food app keeps its old name.

Started in 2010 in Delhi by Deepinder Goyal, it began as a restaurant-discovery site and grew into India's largest food-delivery platform. In 2021 it became the first big new-age tech company to list on the Indian market, and that IPO opened the door for every startup that followed.

Today Eternal runs four businesses Zomato for food delivery, Blinkit for quick commerce, Hyperpure supplying restaurants, and District for going out. Food delivery holds around 58% of the market; Blinkit leads quick commerce with roughly 45%. It makes money on delivery fees, commissions, ads and, increasingly, selling groceries through Blinkit. Track its live price and listing data on the IPO GMP Live homepage.

Financial Snapshot

Start with the win, because it's real. Zomato listed at ₹76 in 2021 and the stock now trades around ₹259 more than triple the issue price. The company turned profitable in FY24 after years of losses, posting ₹351 crore net profit, then ₹527 crore in FY25.

Revenue has grown fast too ₹7,079 crore in FY23, ₹12,114 crore in FY24, ₹20,243 crore in FY25, and ₹54,364 crore in FY26. But be careful with that last figure. A big chunk of the FY26 jump came from Blinkit switching to an inventory-led model, which counts the full value of goods sold as revenue. It isn't all organic growth.

Here's what makes me cautious. FY26 net profit actually fell to ₹366 crore down from FY25 because Blinkit is burning money to grab quick-commerce share. Profit is going backwards even as the topline explodes.

And the valuation is stretched however you slice it. At a market cap near ₹2.45 lakh crore against ₹366 crore of profit, the P/E sits in the hundreds. You're not paying for today's earnings you're paying for what Blinkit might become. That's a faith-based price, not a value-based one.

Strengths

• It leads both businesses it's in. Food delivery holds about 58% market share and Blinkit roughly 45% of quick commerce Eternal is number one in two fast-growing categories at once. Its closest rival, Swiggy, trails in both and is still losing money.
• It's profitable and sitting on cash. Eternal turned profitable in FY24 and ended FY26 with a cash pile of about ₹17,972 crore. That war chest lets it fund the quick-commerce fight without taking on debt or diluting heavily.
• The stock has been a genuine long-term winner. From a ₹76 IPO price in 2021 to around ₹259 today, early investors are up roughly 240%, and the stock is now part of the Nifty 50. Very few new-age IPOs delivered returns like this.
• Blinkit is the growth engine. Quick commerce brought in ₹13,232 crore in Q4 FY26 alone about 76.5% of total revenue and Blinkit posted a positive EBITDA of ₹37 crore that quarter. The bet that was draining cash is starting to stand on its own.

Risks

• The valuation leaves no room for error. A market cap near ₹2.45 lakh crore against just ₹366 crore of FY26 profit puts the P/E in the hundreds. At this price the market has already assumed years of flawless execution.
• Profit is shrinking, not growing. FY26 net profit fell to ₹366 crore from ₹527 crore in FY25, as spending on Blinkit ate into earnings. For a stock priced this richly, falling profit is exactly the wrong direction.
• The quick-commerce war is expensive and ongoing. Blinkit is fighting Zepto and Swiggy Instamart on price and speed, and that spending keeps profits suppressed. If the war drags on, earnings stay thin for longer than the valuation assumes.
• Big changes muddy the picture. Founder Deepinder Goyal stepped down as Group CEO in February 2026 to become Vice Chairman, and the FY26 revenue jump is partly an accounting change, not pure growth. Both make it harder to judge the underlying trend cleanly.

Should You Buy, Hold, or Sell?

The IPO is five years gone, and it was a big winner. This is now a call on the stock around ₹259 well off its ₹368 high but still triple the issue price.

Conservative investors — tough call. It's a quality, profitable, Nifty 50 company, but the valuation leaves no margin for error. If you want safety, the price here isn't safe even if the business is.

Moderate investors — hold if you own it; for fresh buying, accumulate slowly on dips rather than chasing. The franchise is excellent; the entry price decides your return.

Aggressive investors — this is a bet on Blinkit. If quick commerce becomes the profit machine the price assumes, there's more upside. If the war drags, the stock can stay stuck for a while.

Honest take: a genuinely great business at a genuinely demanding price wonderful company, but you're paying up for a future that has to go right.

IPO Objects of the Issue

The fresh issue raised ₹9,000 crore. The ₹375 crore offer-for-sale went to early backer Info Edge (the Naukri parent), so the company received nothing from that part.

Contact Details

Eternal Ltd. (formerly Zomato Ltd.) Registered Office: New Delhi · Corporate Office: Gurugram, Haryana 🌐 www.eternal.com

IPO Registrar — MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.) 📞 +91-22-4918 6270 📧 zomato.ipo@linkintime.co.in 🌐 www.in.mpms.mufg.com

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